'Not Owning Gold is a Form of Insanity': Chartist

Gold will eventually rally exponentially and investors who don't own the precious metal are "insane," and may be showing "masochistic tendencies," Robin Griffiths, technical strategist at Cazenove Capital, told CNBC.

"I think not owning gold is a form of insanity, it may even show unhealthy masochistic tendencies, which might need medical attention," Griffiths said.

Gold, along with other metals such as copper, has been making new all time highs, which is a strong buying signal, according to Griffiths.

"Although it's been a top performer for each of the last ten years, it's still in a linear trend. Eventually it will go exponential and make more in the last little bit than the whole of the ten year trend," he said.

Griffiths said that any short-term declines in the price of gold represent a buying opportunity and the asset is still not an "over-owned trade".

"Real assets hedge paper money being printed into oblivion, so you've got to own gold and you've got to own other commodity-related investments still," he said.

As gold is likely to continue its rise, the value of the dollar is likely to remain in a long-term downtrend against other major currencies as the Federal Reserve maintains its policy of quantitative easing to stimulate the economy, according to Griffiths.

"The downward trend in the dollar is awesomely powerful. It's vital to get yourself out of the dollar long-term on any significant rally. Continuing to own a currency that is going to be printed virtually into oblivion … is crazy," he said.